The Central Bank of Nigeria has released a guideline Credit Guarantee Schemes to solve the challenge of limited access to credit by MSMEs.
This was disclosed in a recently released circular to all banks and other financial institutions, titled “GUIDELINES FOR REGULATION AND SUPERVISION OF CREDIT GUARANTEE COMPANIES IN NIGERIA”.
Finance Guarantee Schemes have long been regarded as one method of resolving the problem of MSMEs’ limited access to credit. This thought is based on the benefits of using a guarantee as collateral, which includes safety, liquidity, and the absence of issues that come with tangible collateral, such as obsolescence, depreciation, verification, perfection, and foreclosure.
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